TORONTO – Toronto police are encouraging victims to come forward after an arrest was made in connection to an insurance fraud investigation.
It is alleged that 73-year-old Alexander Chertin sold fake or counterfeit liability insurance slips, otherwise known as “pink-slips”, to unsuspecting customers dating back to last year.
“During the time he sold those, he collected installments, mostly cash, from his victims,” said Financial Crimes Detective Robert Ermacora.
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“We believe there are a number of victims currently operating motor vehicles with non-valid insurance.”
Det. Ermacora told reporters at a press conference Tuesday that police were made aware of the fraudulent pink-slips following a traffic stop of one of the victims.
Investigators say several insurance companies involved have been liable and have paid out claims.
“Over a million dollars in claims for those people who thought they were insured, but were not,” said Det. Ermacora.
Charitan, who police say is not a licensed broker, has been charged with two counts each of defrauding the public over $5,000, fraud over $5,000, and uttering forged documents.
The accused has since been released on $7,500 bail but is scheduled to reappear in court Nov. 25.
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